Iconic Yarmouth store Toots sold
YARMOUTH, N.S. - She says she’s going to miss the people the most.
Despite the announced closing of approximately 400 Payless ShoeSource stores in the U.S. because of bankruptcy, Canadian stores, including the one at the Truro Mall, are not impacted by the move.
TRURO, N.S. – Bankruptcy proceedings filed by the store chain Payless ShoeSource will not impact any Canadian operations, a company spokesperson says.
“We are not announcing any store closings in Canada as a result of the filing,” said Payless' Meghan Spreer, in an emailed response to a query from the Truro Daily News.
Payless has stores across Atlantic Canada, including eight in Nova Scotia, five in New Brunswick, three in Newfoundland and Labrador two in P.E.I.
The Topeka, Kansas-based retailer announced earlier this week that it had filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Eastern District of Missouri to facilitate the financial and operational restructuring necessary to strengthen its balance sheet and better position the company for future success.
It is also filing for recognition of the U.S. Chapter 11 proceedings under Part IV of the Companies’ Creditors Arrangement Act in the Ontario Superior Court of Justice.
That has prompted the immediate closing of nearly 400 stores as part of the reorganization.
Business lost to online shopping is attributed as a major factor in revenue losses by the company, which was founded in 1956.
The company has more than 4,400 stores in more than 30 countries.